Please Define the Following Key Terms

question 3

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Tannenberg

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Definitions:

Internal Control

Strategies and actions taken by a corporation to maintain the accuracy of its financial and accounting records, encourage responsible behavior, and deter dishonesty.

Safeguarding Assets

Measures or strategies employed by an organization to protect its assets from theft, damage, or any form of misuse.

Internal Control

Processes and procedures implemented within an organization to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Operations Efficiency

A measure of how well a company uses its resources to produce output effectively.